Men’s fashion brand Banana Club is targeting 100 stores and revenue of Rs 500 crore (US $5.23 million) by 2028 as it expands into emerging cities, adds new product categories and explores quick-commerce fulfilment.
The brand currently operates 21 stores across eight cities and is set to open its 22nd outlet in Kamla Nagar, Delhi. It plans to reach 50 stores by FY ’27 and add another 50 stores by March 2028.
Banana Club currently has 17 company-owned stores and four franchise outlets. The brand is pursuing a location-first expansion strategy and has signed letters of intent (LOIs) for 15 stores planned for FY ’27, while discussions are underway for another 15 locations.
The company is also looking beyond metro markets, with Vizag, Patna and other emerging cities under consideration. With an average selling price of around Rs 1,300, Banana Club sees growth potential in smaller cities.
Banana Club currently generates around 50% of its revenue from offline operations and the remaining 50% online. Its own website contributes around 25% of total revenue, while marketplaces account for another 25%. The brand is currently available on Myntra as its only marketplace.
The company is expanding beyond its core menswear categories of shirts, pants, bottoms and tops into caps, bags, travel bags, sunglasses and perfumes. It plans to launch its perfume range by Diwali. Shirts currently account for around 50-55% of revenue, followed by bottoms and accessories.
The brand’s average order value (AOV) is around Rs 3,300 offline and Rs 2,000 online, while its online customer acquisition cost stands at approximately Rs 560.
Banana Club reported revenue of around Rs 106 crore (US $1.11 million) in the previous financial year and is currently operating at a revenue run rate of around Rs 150 crore (US $1.57 million). It is targeting revenue of Rs 200 crore (US $2.09 million) by March 2027.
The company is also in discussions with several venture capital firms for a potential fundraise. So far, it has raised capital only from family and friends.
As its store network expands, Banana Club plans to use larger outlets as fulfilment points for quick-commerce orders. It is also developing its own omnichannel capabilities to integrate its offline and online operations.
“We are not shying away from Metro & Tier 1 cities because our average selling price is around Rs 1,300, and we see a strong customer opportunity there,” said Prashant Lalwani, co-founder, Banana Club.
